试译自(节选):A Theory of Optimum Currency Areas 原文作者:Robert A. Mundell A single currency implies a single central bank (with note-issuing powers) and therefore a potentially elastic supply of interregional means of payments. But in a currency area comprising more than one currency, the supply of international means of payment is conditional upon the cooperation of many
more…
试译自(节选):Understanding the Modern Monetary System 原文作者:Cullen O. Roche 原文网址:http://pragcap.com/understand-the-modern-monetary-system/understanding-modern-monetary-system Modern Monetary Realism views money as being driven by many different factors. So what backs the notes a government creates? What gives them value? Ultimately, these notes represent some amount of output and productivity that can be purchased. The notes in and of themselves have no
more…
试译自(节选):Understanding the Modern Monetary System 原文作者:Cullen O. Roche 原文网址:http://pragcap.com/understand-the-modern-monetary-system/understanding-modern-monetary-system The reason why any society forms in the first place is because we have a collective understanding that we can achieve a better overall living standard if we leverage one another’s strengths and abilities. I have argued that human beings are the ultimate pack animals even
more…